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Canara Bank to cut repo-linked lending rate by 75 bps

The three-month MCLR has been reduced from 20 basis points to 7.75 per cent.

State-owned Canara Bank on Monday said it would reduce its repo linked lending rate (RLLR) from 75 basis points to 7.30 per cent from April 7. The lender has announced fund-based lending rates (MCLR) to reduce its marginal cost. 35 basis points across tenors, effective April 7. The one-year MCLR has been reduced by 35 basis points to 7.85% and for six months by 7.80% from 30 basis points.

The three-month MCLR has been reduced from 20 basis points to 7.75 per cent.

Canara Bank, which amended Syndicate Bank with itself on 1 April, said the new rates would apply to the Amalgam unit.

Banks like SBI, Bank of Baroda, Punjab National Bank, Union Bank have already lowered their RLLR after the Reserve Bank of India cut the repo rate by 75 basis points at the end of last month.

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